"How do we globalize anti-trust policy?" asked Ken Auletta, author and communications columnist at The New Yorker and moderator of the discussion. Auletta posed the question to the three panelists at the event; Charles A. James, Assistant Attorney General in the Antitrust Division of the US Department of Justice, Mario Monti, the Competition Commissioner of the European Union and Richard Parsons, CEO Designate at AOL Time Warner. No one was able to answer that question.

Instead, panelists delved into what they felt were the complexities surrounding antitrust laws in the face of an ever-changing, rapidly developing global economy.

"In today's world there is no predictability," Parsons said. "We're in a time where technology... creates a lot of turbulence and uncertainty."

In response to Auletta's suggestion of a "United Nations" for antitrust policy, panelists expressed skepticism.

"We are a long ways away from one-stop shopping because we have different laws," James said. He added that, for that reason, any sort of world competition code or agency would not be effective at this point in time.

Monti agreed, also questioning the sort of role such a body could play.

The world is different than it was a decade ago said James, who explained that anti-trust laws, while harder than ever to define, play an extremely important role in market protection. "Look at the technology sector," he said. "Ten years ago--or even less- there was a view that antitrust laws should not apply because people thought markets were self correctional. The technology sector was doing just fine because people would go out to the garage and just invent something. But, as we've seen, demand is not infinitely capable of growth and those garages now have Ferraris sitting in them."

The case against Microsoft and conglomeration of the media were two issues of particular concern to the panelists. Parsons, who is soon to become CEO of one of the largest media companies in the world, defended AOL Time Warner's attempt to acquire Electric and Musical Industries (EMI) in early 2000. Had this acquisition taken place, the world would have seen 5 major media companies become 4. Parsons thought this would only increase competition, while the Department of Justice viewed it as a negative act of collective dominance.

"We are living in a world where massive consolidation is happening all around, even in the media space," Parsons said. Parsons continued by rejecting the argument that such consolidation is negative and has led to reduced access to information.

"I think the reality is the opposite," he said. "There is less control about what gets out there to the public, and more voices and outlets than ever before. Now there are any number of cable channels, the internet..."

Before running out of the breakfast to make another meeting across the street at the Waldorf-Astoria, Parsons said "We need to step back from the edge of the cliff and consider the broader picture."

The breakfast, which was held in conjunction with the World Economic Forum, is part of a series of discussions sponsored by the Newhouse School, consulting company Booz, Allen, Hamilton, and The New Yorker.